In a large skillet over medium-low heat add olive oil, diced onions, thyme, and salt & pepper and saute until translucent (approx. 8-10 mins)
Remove from heat and add the worcestershire sauce, water (you can use beef or chicken stock/broth for added flavor if desired) & 1 tblsp. ketchup. Set aside to cool slightly.
In a large bowl mix ground beef & onion mixture together. Then add in the eggs and bread crumbs. Mix all of this together with a fork or your hands, but do compact meat.
Place the meat mixture on a sheet pan greased with olive oil and form into a loaf shape, making sure it is the same thickness throughout so it will cook evenly.
Spread 1/2 cup ketchup on the top and place in a 350 degree oven for 1 hour - 1 hour 10 minutes or until the internal temperature reaches 155-160 degrees. To keep the meatloaf moist while cooking, place a pan of hot water in the oven on the rack underneath it.